Brent Cross leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. Leasehold owners in Brent Cross will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and steps to comply with once the process is initiated so it’s best to be guided by a lawyer during the process.
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Brent Cross can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Brent Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leon was the the leasehold owner of a conversion flat in Brent Cross on the market with a lease of a little over 59 years outstanding. Leon informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Leon to exercise his statutory right. Leon procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.
Last Spring we were contacted by Ms Elizabeth Young , who bought a purpose-built apartment in Brent Cross in November 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Identical residencies in Brent Cross with a long lease were worth £275,000. The average ground rent payable was £45 billed annually. The lease finished on 11 October 2094. Taking into account 69 years left we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.
An example of a Lease Extension matter before the tribunal for a Brent Cross residence is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case was in relation to 1 flat. The remaining number of years on the lease was 71 years.